(1) Auction Basics
This is a public auction sale conducted by California bonded auctioneers,
Stephen Album Rare Coins Inc. (hereinafter referred to as "Auctioneer").
Bidding in this Auction constitutes acceptance by you (the "Bidder") of all
the Terms of Sale stated herein. Bidders may include consignors who may bid
and purchase lots in the Auction consigned by the consignor or by other
consignors pursuant to their consignment agreement. The Auctioneer reserves
the right to include in any auction sale its own material. Bidder
acknowledges and agrees that the Auctioneer may not be required to pay a
Buyer`s Premium, or other charges that other Bidders may be required to pay
and may have access to information concerning the lots that is not otherwise
available to the public. Any claimed conflict of interest or claimed
competitive advantage resulting there from is expressly waived by all
participants in the Auction. Lots may carry a Reserve. A Reserve is a
confidential price or bid below which the Auctioneer will not sell an item
or will re-purchase on behalf of the Consignor or for Stephen Album Rare
Coins Inc. The Buyer is the Bidder who makes the highest bid accepted by the
Auctioneer, and includes the principal of any Bidder acting as an agent.

(2) Descriptions and Grading
Grading of rare coins is subjective and may differ among independent grading
services and among numismatists, even though grading has a material effect
on the value of the coins. Stephen Album Rare Coins Inc. is not responsible
for the grades assigned by independent grading services, and makes no
warranty or representation regarding such grades. Bidder further
acknowledges and agrees that grades assigned by Stephen Album Rare Coins
Inc. and lot descriptions are based solely upon an examination of the coins
and are intended to note any perceived characteristics. Stephen Album Rare
Coins Inc. does not warrant the accuracy of such grading or descriptions.
All photographs in this catalog are of the actual items being sold but may
not be the actual size or to scale.

(3) The Bidding Process
The Auctioneer shall have the right to open or accept the bidding on any lot
by placing a bid on behalf of the Consignor or their agent, a Bidder by
mail, telephone, internet or fax, or any other participant in the Auction.
Bids must be for an entire lot and each lot constitutes a separate sale. No
lot will be broken up unless otherwise permitted by the Auctioneer. Lots
will be sold in their numbered sequence unless Auctioneer directs otherwise.
All material shall be sold in separate lots to the highest Bidder as
determined by the Auctioneer. Auctioneer shall have the right in his or her
sole and absolute discretion to accept or decline any bid, challenge any bid
or bidding increment, to reduce any mail bid received, adjudicate all
bidding disputes and to determine the prevailing bid. The Auctioneer shall
have the right, but not the obligation, to rescind the acceptance of any bid
and place the lot(s) for Auction again. Auctioneer`s decision on all bidding
disputes shall be binding and final. For the mail and internet Bidder's
protection, no "unlimited" or "buy" bids will be accepted. When identical
bids are received for a lot, preference is given to the first bid received
as determined by the Auctioneer. A mail bid will take precedence over an
identical floor bid; a Floor Bidder and Telephone Bidder must bid higher
than the highest mail bid to be awarded any lot. Bids will not be accepted
from persons under eighteen (18) years of age without a parent's written
consent which acknowledges the Terms of Sale herein and agrees to be bound
thereby on behalf of the underage Bidder. The auction sale is complete when
the Auctioneer so announces it. Bids may be placed by fax, mail, email, or
by telephone. Telephone bidding is restricted to lots valued at or above
$500 due do shortage of operators available. Online bidding is also
available on www.iCollector.com. Follow the link on our website,
www.stevealbum.com in order to bid online. Stephen Album Rare Coins Inc. is
not responsible for any errors in bidding. All Bidders should make certain
to bid on the correct lot and that the bid is the bid intended. Once the
hammer has fallen and the Auctioneer has announced the Buyer, the Buyer is
unconditionally bound to pay for the lot, even if the Buyer made a mistake.
Stephen Album Rare Coins Inc. reserves the right to withdraw any lot at any
time, even after the hammer has fallen, until the Buyer has taken physical
possession of the lot. No participant in the Auction shall have a right to
claim any damages, including consequential damages if a lot is withdrawn,
even if the withdrawal occurs after the Auction.

(4) Buyer s Premiums and Payments
A Buyer`s Premium of eighteen percent (18%) will be added to the hammer
price for each lot to all successful bids. Accepted payments are by Visa,
MasterCard, American Express, PayPal, cash, cashier's check, money order,
approved personal check or bank wire transfer. If the purchaser pays by
"cash equivalent" then the buyer`s premium will be discounted to fifteen
percent (15%). "Cash equivalent" is defined as paying by cash, cashier's
check, money order, approved personal check or bank wire transfer. A
reacquisition charge may apply to Consignors pursuant to a separate
agreement, which may be higher or lower than the Buyer`s Premium. Payment is
delinquent and in default if not received in full, in good funds, within
fourteen (14) calendar days of the Auction (the "Default Date"), without
exception, time being of the essence, unless otherwise agreed in writing
prior to the Auction. All auction sales are payable strictly in immediately
available good U.S. funds, through a bank in the United States. Personal
checks must clear our bank before lots are delivered. Please contact Stephen
Album Rare Coins Inc. for wiring instructions. Please inform us after bank
wire has been sent. Please be advised that payments coming by wire transfer
usually only take a few days to arrive, but in rare cases they can take up
to a few weeks to arrive due to US government regulating, resulting in a
delay of shipment of your lots. Lots will not be shipped until your full
payment has arrived in our bank account. There is a $30 fee for all bank
wire transfers. Stephen Album Rare Coins Inc. reserves the right not to
release lots for which funds have not yet been received in full. On any past
due accounts, Stephen Album Rare Coins Inc. reserves the right, without
notice, to extend credit and impose carrying charges of 1% per month. Buyers
agree to pay reasonable attorney's fees and cost incurred to collect past
due accounts. Buyers personally and unconditionally guarantee payment in
full of all amounts owed to Stephen Album Rare Coins Inc. Any person
submitting bids on behalf of a corporation or other entity, by making such
bid, agrees to be personally liable for the payment of the purchase price
and any related charges and the performance of all Buyer obligations under
these Terms of Sale and Stephen Album Rare Coins Inc. reserves the right to
require a written guarantee of such payments and obligations.

(5) Credit
Bidders who have not established credit with Stephen Album Rare Coins Inc.
must furnish satisfactory credit references and/or deposit at least
twenty-five percent (25%) of their total bids for that Auction session(s) or
such other amount as Stephen Album Rare Coins Inc. may, in its sole and
absolute discretion, require before any bids from such Bidder will be
accepted. Deposits submitted will be applied to purchases. Any remaining
deposits will be promptly refunded, upon clearance of funds.

(6) Shipping and Insurance
It is the Buyer s responsibility to contact Stephen Album Rare Coins Inc.
after the sale to make shipping and packaging arrangements. Due to the
fragile nature of some lots, Stephen Album Rare Coins Inc. may elect not to
assume responsibility for shipping or packing, or may charge additional
shipping and handling. Additional shipping and handling will also be added
to all invoices that include bulk lots or book lots, based on the additional
amount of postage required for shipping the additional weight. All state
taxes, postage, shipping, handling, insurance costs, the Buyer`s Premium,
and any other fees required by law to be charged or collected will be added
to the invoice for any lots invoiced to Buyer. Title and risk of loss pass
to the Buyer at the destination upon tender of delivery. Acceptance of
delivery constitutes acceptance of the purchased lots. Inspection of the
purchased lots is not required for acceptance. Any and all claims based upon
Buyer`s failure to receive a purchased lot, Buyer`s receipt of a lot in
damaged condition, or otherwise related to delivery, must be received in
writing by Stephen Album Rare Coins Inc. no later than thirty (30) days
after payment. The failure to make a timely claim, time being of the
essence, shall constitute a waiver of any such claim. Delivery outside the
USA will be by USPS registered mail or by FedEx and will include insurance
on all shipments up to $20,000. Buyers will be billed additional insurance
charges on a shipment or combined shipments valued at above $20,000 Any
claims of loss or damage will only be paid by Stephen Album Rare Coins Inc.
only after the insurers investigation is complete. If the Buyer opts for
another form of shipment other than the above, items will be shipped at
their risk and they will assume all risk due to theft, damage or loss. A
Buyer opt out of the Stephen Album Rare Coins Inc. standard shipping listed
above must be in received in writing before shipment will be made. Stephen
Album Rare Coins Inc. cannot accept any responsibility whatsoever for
customs duties charged by the country of destination or seizure of items by
customs, domestic or foreign. Buyers will be charged all applicable sales
tax, including Buyers who pick up at this Auction or shipments to Buyers in
California without a valid Resale Certificate which has been provided to the
Auctioneer. Please note that the purchase of any coin or bullion lot(s) with
a price, including the Buyer`s Premium, in excess of One Thousand Five
Hundred Dollars ($1,500) are exempt from California sales tax. On any tax
not paid by Buyer that should have been paid, even if not collected by
Stephen Album Rare Coins Inc. by mistake, error, negligence or gross
negligence, Buyer remains liable for and agrees to promptly pay the same on
demand together with any interest or penalty that may be assessed.

(7) Financial Responsibility
In the event any applicable conditions of these Terms of Sale herein are not
complied with by a Buyer or if the Buyer fails to make payment in full by
the Default Date, Stephen Album Rare Coins Inc. reserves the right, in its
sole discretion, in addition to all other remedies which it may have at law
or in equity, to: (a) rescind the sale of that lot or any other lot or lots
sold to the defaulting Buyer, retaining all payments made by Buyer as
liquidated damages, it being recognized that actual damages may be
speculative or difficult to compute, or (b) resell a portion or all of the
lots held by Stephen Album Rare Coins Inc., in a commercially reasonable
manner, which may include a public or private sale, in a quantity sufficient
in the opinion of Stephen Album Rare Coins Inc. to satisfy the indebtedness,
plus all accrued charges, and Stephen Album Rare Coins Inc. may charge a
seller s commission that is commercially reasonable. More than one such sale
may take place at the option of Stephen Album Rare Coins Inc. If the
Auctioneer resells the lots, Buyer agrees to pay for the reasonable cost of
such sale, together with any incidental costs of sale, including reasonable
attorney's fees and costs, cataloguing and any other reasonable charges.
Notice of the sale shall be by U.S.P.S. Certified Mail, Return Receipt
Requested to the address utilized on the Bid Sheet, Auction Consignment and
Security Agreement or other last known address by Stephen Album Rare Coins
Inc. The proceeds shall be applied first to the satisfaction of any damages
occasioned by Buyer`s breach, then to any other indebtedness owed to Stephen
Album Rare Coins Inc., including without limitation, commissions, handling
charges, carrying charges, the expenses of both sales, reasonable attorneys'
fees, costs, collection agency fees and costs and any other costs or
expenses incurred. Buyer shall also be liable to Stephen Album Rare Coins
Inc. for any deficiency if the proceeds of such sale or sales are
insufficient to cover such amounts. Buyer grants to Stephen Album Rare Coins
Inc., or assignees, the right to offset any sums due, or fund to be due to
Stephen Album Rare Coins Inc., and to make such offset from any past,
current, or future consignment, or purchases that are in the possession or
control of the Auctioneer or from any sums due to Buyer by Stephen Album
Rare Coins Inc., its affiliates and assignees. In addition, defaulting
Buyers will be deemed to have granted to Stephen Album Rare Coins Inc., or
its assignees, a security interest in: (x) the purchased lots and their
proceeds, and (y) such sums or other items and their proceeds, in the
possession of Stephen Album Rare Coins Inc., its affiliates or assignees, to
secure all indebtedness due to Stephen Album Rare Coins Inc., plus all
accrued expenses, carrying charges, attorney fees, and costs, until the
indebtedness is paid in full. Buyer grants Stephen Album Rare Coins Inc. the
right to file a UCC-1 financing statement for such items, and to assign such
interest to any affiliated or related company or any third party deemed
appropriate by Stephen Album Rare Coins Inc. If the auction invoice is not
paid for in full by the Default Date, a carrying charge of one percent (1%)
per month may be imposed on the unpaid amount until it is paid in full. In
the event this interest rate exceeds the interest permitted by law, the same
shall be adjusted to the maximum rate permitted by law, and any amount paid
in excess thereof shall be allocated to principal. Buyer agrees to pay all
reasonable attorney's fees, court costs and other collection costs incurred
by Stephen Album Rare Coins Inc. or any affiliated or related company to
collect past due invoices or to interpret or enforce the terms hereof or in
any action or proceeding arising out of or related to the Auction. Stephen
Album Rare Coins Inc. reserves the right to assign its interest to any third
party. To the extent that the Buyer for any lot consists of more than one
person or entity, each such person or entity is jointly and severally liable
for all obligations of the Buyer, regardless of the title or capacity of
such person or entity. Stephen Album Rare Coins Inc. shall have all the
rights of a secured party under the California Uniform Commercial Code and
all rights of the consignor to collect amounts due from the Buyer, whether
at law or equity.

(8) Disclaimer and Warranties. a) Coins listed in this catalog graded by
PCGS, NGC or ANACS cachet or any other third party grading service or
examined by the buyer prior to the auction sale may not be returned for any
reason whatsoever by any Buyer, except for claims related to authenticity.
b) For non-certified coins that have not been examined by the Buyer prior to
the Auction: if it is determined in a review by the Auctioneer that there is
a material error in the catalog description of a non-certified coin or the
coin is not authentic, such lot may be returned, provided written notice is
received by the Auctioneer no later than seventy-two (72) hours of delivery
of the lots in question, and such lots are returned and received by Stephen
Album Rare Coins Inc., in their original, containers, no later than fourteen
(14) calendar days after delivery, in the same condition the lot(s) were
delivered to the Buyer, time being of the essence. c) If an item or items
are returned pursuant to the terms herein, they must be housed in their
original container. Late remittance or removal of any item from its original
container, or altering a coin constitutes just cause for revocation of all
return privileges. d) Grading or condition of rare coins may have a material
effect on the value of the item(s) purchased, and the opinion of others
(including independent grading services) may differ with the independent
grading services opinion or interpretation of the Auctioneer. Auctioneer
shall not be bound by any prior, or subsequent opinion, determination or
certification by any independent grading service. e) All oral and written
statements made by Stephen Album Rare Coins Inc. and its employees
(including affiliated and related companies) are statements of opinion only,
and are not warranties or representations of any kind, unless stated as a
specific written warranty, and no employee or agent of Stephen Album Rare
Coins Inc. has authority to vary or alter these Terms and Conditions of
Auction. Any alteration shall be effective only if in writing and signed by
an officer of Stephen Album Rare Coins Inc. authorized to do so. Stephen
Album Rare Coins Inc. reserves the right to vary or alter the Terms of Sale,
either generally or with respect to specific persons or circumstances, in
its sole discretion. Any variation or alteration shall be effective only if
in writing and signed by an officer of Stephen Album Rare Coins Inc.
authorized to do so. f) Bidders shall have no recourse against the Consignor
for any reason whatsoever. g) Bidder acknowledges that the rare coin market
is speculative, unregulated and volatile, and that coin prices may rise or
fall over time. Stephen Album Rare Coins Inc. does not guarantee that any
customer buying for investment purposes will be able to sell for a profit in
the future. h) Bidder acknowledges and agrees that neither Stephen Album
Rare Coins Inc., nor its employees, affiliates, agents, third-party
providers or consignors warrant that auctions will be unimpaired,
uninterrupted or error free and accordingly shall not be held liable for
such events.

(9) Waiver and Release
Bidder, for himself, his heirs, agents, successors and assignees, generally
and specifically waives and releases, and forever discharges Stephen Album
Rare Coins Inc., and its respective affiliates, parents, shareholders,
agents, subsidiaries, employees, members of their respective boards of
directors, and each of them, and their respective successors and assignees
from any and all claims, rights, demands and causes of actions and suits, of
whatever kind or nature, including but not limited to claims based upon
Auctioneer s negligence, whether in law or equity, whether known or unknown,
suspected or unsuspected (a "Claim"), which Bidder may assert with respect
to and/or arising out of, or in connection with any challenge to the title
to or authenticity of any goods purchased, the sale itself, any lot bid upon
or consigned, and/or the auction, except where such Claim is otherwise
expressly authorized in these Terms of Sale. It is the intention of Bidder
that this waiver and release shall be effective as a bar to each and every
Claim that may arise hereunder or be related to the Auction, and Bidder
hereby knowingly and voluntarily waives any and all rights and benefits
otherwise conferred upon him by the provisions of Section 1542 of the
California Civil Code, which reads in full as follows: "A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH
THE DEBTOR."

(10) Disputes
If a dispute arises concerning ownership of a lot or concerning proceeds of
any sale, Stephen Album Rare Coins Inc. reserves the right to commence a
statutory inter-pleader proceeding at the expense of the Consignor and Buyer
and any other applicable party, and in such event shall be entitled to its
reasonable attorneys' fees and costs. Stephen Album Rare Coins Inc. reserves
the right to cancel or postpone the Auction or any session thereof for any
reason whatsoever. No Bidder shall have any claim as a result thereof,
including for incidental or consequential damages. Neither Stephen Album
Rare Coins Inc. nor any affiliated or related company shall be responsible
for incidental or consequential damages arising out of any failure of the
Terms of Sale, the auction or the conduct thereof and in no event shall such
liability exceed the purchase price, premium, or fees paid. Rights granted
to Bidders under the within Terms and Conditions of Auction are personal and
apply only to the Bidder who initially purchases the lot(s) from Stephen
Album Rare Coins Inc.. The rights may not be assigned or transferred to any
other person or entity, whether by sale of the lot(s), operation of law or
otherwise. Any attempt to assign or transfer any such rights shall be
absolutely void and unenforceable. No third party may rely on any benefit or
right conferred by these Terms and Conditions of Auction.

(11) General Terms
These Terms and Conditions of Auction and the auction shall be construed and
enforced in accordance with, and governed by, the laws of the State of
California, regardless of the location of the Auction. Any dispute arising
out of or related to these Terms of Sale, the Auction or any lot, with the
sole exception of actions by Stephen Album Rare Coins Inc. to collect
amounts owed to it and other damages, shall be submitted to binding
arbitration pursuant to the rules of the International Association of
Professional Numismatists (I.A.P.N.). Bidder acknowledges and agrees that
the competent courts of the State of California shall have exclusive
jurisdiction, subject to the requirement to arbitrate, over any dispute(s)
arising hereunder, regardless of any party's current or future residence or
domicile. Bidder further agrees that venue of the arbitration proceeding
shall be in Sonoma County, California; and any court proceeding shall be in
the Sonoma County Superior Court, in the State of California. Bidder agrees
that any arbitration or legal action with respect to this Auction is barred
unless commenced within one (1) year of the date of this Auction. These
Terms of Sale and the information on our website constitute the entire
agreement between the parties hereto on the subject matter hereof and
supersede all other agreements, understandings, warranties and
representations concerning the subject matter hereof. If any section of
these Terms of Auction or any term or provision of any section is held to be
invalid, void, or unenforceable by any court of competent jurisdiction, the
remaining sections or terms and provisions of a section shall continue in
full force and effect without being impaired or invalidated in any way.
Stephen Album Rare Coins Inc. may at its sole and absolute discretion, make
loans or advances to Consignors and/or Bidders.

(12) Special Services.
If you wish to limit your total expenditures, please fill in the maximum
amount you wish to spend on your bid sheet. This is a personal service and a
Stephen Album Rare Coins Inc. representative will personally attend to your
bid sheet by bidding from the auction book, buying lots for your account
until your authorized expenditure is reached. While we will do our best in
your behalf, due to the speed of the auction sale and the sometimes crowded
conditions, we cannot be responsible for failure to execute such a bid
properly. We invite you to take advantage of the optional 10% to 30%
increase to help your chance of being a successful bidder. Check the
appropriate place on your bid sheet. Stephen Album Rare Coins Inc. auctions
are not approval sales. Bidding in this auction sale constitutes
unconditional acceptance by the Bidder of the foregoing terms of sale.